Report: At least 7M square feet of office leases in Tampa near expiration

Businesses and organizations that seek office space in 2024 and 2025 in Tampa are likely to have lots of leverage for lease negotiations. 

That’s a big takeaway from the Avison Young 2023 third quarter office market snapshot. The report, for one, found that at least 7.4 million square feet of leases are set to expire throughout 2024 and 2025 in Tampa. “This impending wave of lease expirations comes at a time when various sectors have experienced differing levels of leasing activity in the aftermath of the pandemic,” the report from the commercial real estate firm adds. 

Some 45%, 3.4 million square feet of those leases, are over 20,000 square feet, the report found. “These expirations will result in an increase in larger, less desirable spaces, prompting landlords to reconfigure them into smaller floor plans to attract tenant demand,” the report states.